Budgeting and saving with HIWAY

When you set a goal, accomplishing it is easier said than done. Setting a financial goal can be a bit complicated. Whether you’re saving for college, a car, or even something for yourself, it takes a lot of discipline and determination to reach your financial goal when it may seem impossible. Saving money also starts with being financially stable, and knowing how to balance out your income.

photo courtesy of HiWay Federal

Say you have a job and you get paid each week, or every two weeks. If you are trying to save money, but need some cash on hand, it’s up to you to decide how much you are willing to put away each time you are paid. It can be hard not having a lot of money to spend, and there have been some cases where people start to take money from their savings and spend it. I will admit, I am one of those people who has a hard time figuring out how much to save, or what to save, or anything concerning money.

People have different financial goals which they feel is a good investment to benefit themselves. As you grow up, you many have different things to start saving for like: college, or a car, or a home, or anything that you think is important to acquire with a good plan.

There are several ways that you can start to save money and grow financially. First thing is to start saving at least something, even if it’s a small amount. If you put $5 away in savings every week, that can grow and bring you closer to your savings goal. Second thing is to develop a strategy for your income. For example, if you are associated with both a bank and a credit union, it may help you to put some of your money at each place. It can help you to grow a habit of not touching your money as you save.

Handling money is a stressful skill that takes time for people to develop as they grow up. When it comes to saving money, no one’s perfect. But you can start by setting a goal and giving yourself an action plan towards achieving it in the future.

If you want to start saving money or have questions about other financial topics, stop by Hiway’s Scots Branch. We can help!